Oldwick, NJ -(BusinessWire)- A.M. Best has assigned a financial strength rating of A- (Excellent) and an issuer credit rating of “a-” to MountainPoint Insurance Company (Phoenix, AZ), following the Arizona Department of Insurance’s approval of the 100% quota share reinsurance agreement between this shell company and its parent, CopperPoint Mutual Insurance Company (CopperPoint Mutual). The outlook assigned to both ratings is stable.
CopperPoint Mutual and its subsidiaries’ ratings were affirmed in November 2014, mainly based on the group’s strong risk-adjusted capitalization, improving underwriting performance and position within the Arizona workers’ compensation marketplace. The ratings of CopperPoint Mutual and its other subsidiaries remain unchanged.
The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
Key insurance criteria reports utilized:
- Rating Members of Insurance Groups
- Risk Management and the Rating Process for Insurance Companies
Source: BusinessWire